Value(s): The must-read book on how to fix our politics, economics and values

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Value(s): The must-read book on how to fix our politics, economics and values

Value(s): The must-read book on how to fix our politics, economics and values

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This is quite different to how our economies work today, so he turns next to consider subjective perspectives of value. Finally, leading into a more robust discussion on the vision Carney has for how to ameliorate these existing problems within this broader social context. Does the narrowness of our vision, the poverty of our perspective, mean we undervalue what matters to our collective wellbeing? Then in the USA, Carney cites the head of Morgan Stanley, James Gorman, answering a question in congressional testimony about “whether climate change really was a risk to financial stability: ‘It’s hard to have a financial system if you don’t have a planet. What Carney attempts in this book, is to provide a fact-based intellectual framework for reforming our institutions and building trust, transparency, and fairness and a hopeful, trusting society.

These sentiments are revealed in a recent article in the Atlantic by Daniel Markovits entitled ‘How College Became a Ruthless Competition Divorced From Learning’. He should “Focus on What Matters,” develop a more focused thesis, argue it closely, and jettison about 1/3 to ½ of this book. On the downside the 4IR can cause mass inequality, depressed labor markets, education that can’t keep pace with changes, and an escalation in inequality due to greater global interconnectedness. Finally, nations need to foster outward looking patriotism (distinct from inward looking nationalism): "The nation serves an essential economic role, but it is much more than a collection of marketplaces or a trade negotiator.Mau identifies the pernicious impact of inappropriate quantification, reflecting Carney’s argument that market value has tended to replace social values.

In his love of lists and process, he says: “There are a variety of ways to calculate the warming impact across equities, corporate bonds and sovereign bonds and then to combine them into a single ‘portfolio’ score. Companies need to recover a sense of purpose ("what an organisation stands for, why it does what it does and what it should be trusted to deliver. I sat in the UN General Assembly hall as these wordsThe chapter on cryptocurrencies seems condescending, inadequate, and demonstrates not so much analysis as contempt for the whole movement. But his own wisdom seems to be limited to breaking down every topic to its smallest units, then measuring, recording and reporting them up the chain, so that they might provide value to those who might actually have a plan of action. I will not bore the reader with everything but will give you a flavor of the book and encourage you to read it for yourself.

Then came the Covid pandemic, for which western governments were singularly unready, relying on dubious cost-benefit analysis rather than valuing what we as humans tend to – our lives and looking out for one another. They succeed for a while, he says, and the economy appears to benefit, so regulators and politicians back off. But through it all, the three lies continue to come back to bite the economies of countries again and again.To be credible, climate policies must be acknowledged by politicians across the political spectrum (good luck with that), be action oriented; make clear which actions will not be tolerated in a net zero world and reflect a successful climate policy track record. He chaired the Global Economy Meeting and Economic Consultative Committee of the Bank for International Settlements (2018-2020), and was First Vice-Chair of the European Systemic Risk Board (from 2013-2020). Of course, as he readily concedes, markets unleash energy and dynamism, but to believe that they are always right and cannot be altered is to sign up to a quasi-religious faith. And he discusses, at length, the fiscal and political struggles we will have to engage in to overcome COVID wreckage and Climate Change--not to mention assorted fiscal crises we constantly invite through poor or de- regulation and transparency.

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